Consumers warned against fake insurance agent
Consumers warned against fake insurance agent | Insurance Business Canada
Insurance News
Consumers warned against fake insurance agent
Unlicensed individual allegedly issued fraudulent slips
Insurance News
By
Terry Gangcuangco
Another day, another warning against bogus insurance agents pretending to be authorized to deal with clients in Ontario.
The Financial Services Regulatory Authority of Ontario (FSRA), which recently warned against unlicensed individual Andi Efovia, is now telling prospective policyholders not to purchase insurance from a certain Dean Wright. Just like Efovia, Wright does not hold the required license in the province.
Fraudulent slips
Operating in the Greater Toronto Area, Wright has engaged in fraudulent activity, according to FSRA.
The unlicensed individual, FRSA added, appears to be using the email address [email protected] and phone number 647-557-4524.
No assurance
Buying insurance from unlicensed entities provides no assurance or protection, FRSA stressed.
“Consumers are not protected under the Insurance Act if they purchase insurance from unlicensed individuals and/or companies,” the regulator said.
“You have no assurance the policy is genuine, which can result in claims not being covered. Your policy can be voided or cancelled for misrepresentation. Policy cancellations can impact your insurance history which can lead to increased costs.”
The regulator stated: “A person who acts as an insurance agent without being licensed is guilty of an offence under the Insurance Act and may be prosecuted for such violation.”
What do you think about this story? Share your thoughts in the comments below.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
